PHILADELPHIA | Highrise Development Thread X

[summersm343]

First look: Inside Morgan Lewis & Bockius' new $200M office tower at 2222 Market St.





Article behind paywall here:
https://www.bizjournals.com/philadel...market-st.html

[summersm343]

University City office rents rose 8% in last two years, putting them among highest hikes in the nation

As new innovation spaces continue to come online in University City, office rent prices in the neighborhood are skyrocketing.

According to CBRE's Tech-30 report, released Tuesday, University City saw an 8% increase in average office rent from the second quarter of 2021 to the second quarter of 2023. That was the 10th largest increase among top tech submarkets in the nation and the largest hike among markets in the Northeast and Mid-Atlantic over the past two years. Since 2011, the average rental rates for office space in University City has jumped 47%, the fifth largest increase nationwide among top tech submarkets during that timeframe.

Compared with the Philadelphia office market as a whole, office rents in University City represent on average a 32% premium. That's three times the premium of tech submarkets nationally, where they average 10.2% over their markets as a whole.

University City rent averages $47.34 per square foot, whereas the entire Philadelphia market is $32.14 per square foot.

Despite rising costs, it's not deterring tenants. There is a 13.8% vacancy rate in University City, a figure considerably lower than the 23.3% vacancy rate in the entirety of Philadelphia office space, according to CBRE.

The premium price tag on office space in University City is unlikely to change anytime soon. Last year, the West Philadelphia neighborhood that is home to the University of Pennsylvania, Drexel University and a continuously growing number of spinouts and life sciences firms was the fastest-growing submarket for tech real estate in the nation, with a rent increase of 18% in the previous two-year period from 2020 to 2022.

Miller said the future of Philadelphia's tech job and office market will be tied to how much capital frees up in the coming months and years. Regardless, he thinks it will continue to be bolstered by the life sciences boom.

"The life sciences sector, by default, supports the tech sector," Miller said. "A lot of technology companies that we have within the Philadelphia ecosystem are in existence to support the growth of pharma products that are being produced. I'm very bullish on the tech ecosystem that exists within Philadelphia."

Article behind paywall here:
https://www.bizjournals.com/philadel...-increase.html

[TK2001]

Google Maps updated their imagery for Philadelphia! Based on the construction progress of 210 South 12th Street, The Josephine, and Avira, it is dated late May 2023

[TK2001]

Benjamin Franklin Parkway Great Urban Park rendering by Philly SkyGuy, on Flickr

I really dig this plan, I had to make a crude rendering. Some positions of the walkways are wrong, but it gives a general visual

[Skintreesnail]

Largely i agree, it's going to be a huge improvement, especially digging the return of logan square, pedestrian mlk bridge and cap connecting the expanded oval to the river. That mess of roads and islands by the oval though (i guess we won't be able to call it the oval anymore) i just don't understand. I'm not a civil engineer though so if anyone on here is please explain to me the glories of traffic calming and pedestrian safety it'll bring.

[ScreamShatter]

Couldn’t they make Kelly and MLK each one way (each going the opposite direction)? I would think that’d streamline traffic flow in multiple places and get rid of the need to have that messy cutover in the plan too.

[thoughtcriminal]

Originally Posted by ScreamShatter

Couldn’t they make Kelly and MLK each one way (each going the opposite direction)? I would think that’d streamline traffic flow in multiple places and get rid of the need to have that messy cutover in the plan too.

they used to do this at rush hour - in the morning rush, both were inbound, and in the pm rush, both were outbound. Middle of the day they went back to their usual patterns. As confusing as this might be, I'm not sure there were many accidents caused by the switching of traffic patterns.

[El Duderino]

Some conceptual massing models of a potential overbuild at the PPA parking garage at 10th & Ludlow. Could be huge for the area: https://twitter.com/JackPhillyRE/sta...84790108885146

[Jayfar]

Originally Posted by El Duderino

Some conceptual massing models of a potential overbuild at the PPA parking garage at 10th & Ludlow. Could be huge for the area: https://twitter.com/JackPhillyRE/sta...84790108885146

The Naked Philly blog has more details and slides from the presentation: https://www.ocfrealty.com/naked-phil...t-10th-ludlow/

…and in a post at Philadelphia Industrial & Commercial Heritage, I have additionally some history of the c. 1954 garage and its site: https://www.facebook.com/groups/Phil...33096210312339

[PHLtoNYC]

Originally Posted by Jayfar

The Naked Philly blog has more details and slides from the presentation: https://www.ocfrealty.com/naked-phil...t-10th-ludlow/

…and in a post at Philadelphia Industrial & Commercial Heritage, I have additionally some history of the c. 1954 garage and its site: https://www.facebook.com/groups/Phil...33096210312339

To confirm, the proposal is to replace the current 5-story garage with an 8-story garage and a tower? Maybe an unpopular reaction, but that doesn't seem like much of a net positive for the area (unless the garage is underground).

It's giving me these vibes...https://www.google.com/maps/@39.9484...8192?entry=ttu

[TonyTone]

Originally Posted by PHLtoNYC

To confirm, the proposal is to replace the current 5-story garage with an 8-story garage and a tower? Maybe an unpopular reaction, but that doesn't seem like much of a net positive for the area (unless the garage is underground).

It's giving me these vibes...https://www.google.com/maps/@39.9484...8192?entry=ttu

Holy SHIT, I frequent that area so much that I eat in Misconduct and park in that Alley, and I never realized that is a garage above FADO right there.

I have no complaints, It doesn't cause any extra problems or visual complications.

We have to support parking just as we support transit, there's no problem with either, its fair market to have choices.

I say bring the build on

[Jayfar]

Originally Posted by PHLtoNYC

To confirm, the proposal is to replace the current 5-story garage with an 8-story garage and a tower? Maybe an unpopular reaction, but that doesn't seem like much of a net positive for the area (unless the garage is underground).

It's giving me these vibes...https://www.google.com/maps/@39.9484...8192?entry=ttu

Correct. About 100 additional parking spaces compared to the present garage, none underground. One or more towers on top. They’re also planning to amend the RFQ to require streetscape improvements and trash haandling plans for Ludlow St (at Councilperson Squilla’s suggestion). The zoning bill hasn’t been introduced yet, but PPA has been in active discussions with Squilla.

The bill as proposed would do 3 things for the L-shaped property:

-Adds the property to the so-called super-CMX-5 zoning overlay (the property already abuts it) which allows 1600% FAR [normal CMX-5 allows 1200%].

-Allows above ground parking, which otherwise requires a special exception.*

-Doesn’t count the parking levels toward the total FAR.

That last bit gives them an effective FAR of 2400%.

*From the Zoning Quick Guide: In the CMX-4 and CMX-5 districts, underground parking garages are permitted; otherwise any portion of a parking garage located above ground
level requires special exception approval in accordance with the special exception procedures in § 14-303(7) (Special Exception Approval).
https://www.phila.gov/media/20220909...CPC_9_9_22.pdf

[TK2001]

Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Future Philadelphia massing extended by Philly SkyGuy, on Flickr
Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Future Philadelphia massing extended by Philly SkyGuy, on Flickr

Philadelphia 1987 massing extended by Philly SkyGuy, on Flickr

[TK2001]

BLT Architects
It seems like they've wanted two towers in that area for a long time now

[Groundhog]

Originally Posted by PHLtoNYC

To confirm, the proposal is to replace the current 5-story garage with an 8-story garage and a tower? Maybe an unpopular reaction, but that doesn't seem like much of a net positive for the area (unless the garage is underground).

It's giving me these vibes...https://www.google.com/maps/@39.9484...8192?entry=ttu

If it's similar to the example you give, then that is a massive net positive. Substantially more street level engagement as well as height.

Underground parking is ok, but so long as above ground parking isn't interfering with density and street level engagement, I don't see why it's really preferred over a building like this.

Fingers crossed this happens.

[TonyTone]

VTV00482 by Tony Valuez, on Flickr

VTV00479 by Tony Valuez, on Flickr

VTV00478 by Tony Valuez, on Flickr

VTV00476 by Tony Valuez, on Flickr

[colemonkee]

Beautiful!!!!

[El Duderino]

amazing shots there, tony! the city always looks awesome around the holidays.

[3rd&Brown]

Originally Posted by Groundhog

If it's similar to the example you give, then that is a massive net positive. Substantially more street level engagement as well as height.

Underground parking is ok, but so long as above ground parking isn't interfering with density and street level engagement, I don't see why it's really preferred over a building like this.

Fingers crossed this happens.

Agreed.

So long as there is ground level retail and no car parking visible from the street, I don't really care if the cars are above or below ground. In aggregate, it a much denser development than what is there today and as a result will add to the vitality of the area...cars or not.

[TonyTone]

Originally Posted by colemonkee

Beautiful!!!!

Originally Posted by El Duderino

amazing shots there, tony! the city always looks awesome around the holidays.

Thanks Yall, I will take some more before the year ends out. My camera battery ran out of juice. I did however out together a video that I posted on IG

http://https://instagram.com/valuezt...&utm_source=qr